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The line between crypto enthusiasts and critics has always been conspicuously clear with both adversaries at the very ends of the line. Crypto enthusiasts, like the optimists, always believe in the growth and sustainability of the crypto ecosystem; while crypto critics are, most often, on the bearish end of the spectrum.
We have had our fair share of face-offs between both parties over the years with more critics springing up theories and analysis to back their claims and more enthusiasts stating just why they believe in the crypto sphere. This decade-long battle has skirt through several sectors of the economy as well as different levels of government.
Although the crypto verse has outlived the predictions of early critics, some rather obvious drawbacks still exist, making a perfect argument for anyone who wishes to take them up. Notwithstanding, the crypto verse has come a long way from what it used to be, growing with leaps and bounds as days roll into weeks and weeks rolls into months.
Today, the then misunderstood kid Buterin, in turn has taken up the responsibility of demystifying this complex world and explaining several use cases of cryptocurrency. Therefore, whatever side of the line you find yourself in, there are enough yardsticks to piece an argument together.
And that is exactly what happened in Seoul last week when the founder of the second largest cryptocurrency Ethereum (ETH), Vitalik Buterin, took on the renowned economist and New York University professor, Nouriel Roubini, in a heated debate on the value of cryptocurrency.
Dr. Doom, as he is fondly known, held no punch back as he served the crypto pro Buterin a piece of his mind during the 2nd Deconomy event in Seoul, South Korea. He threw the first punch, blasting crypto investors and warning them of an imminent bubble that is about to pop. He stated rather explicitly that cryptocurrency is not a financial system; instead, it’s a barter system. He stressed further that this barter system is both inefficient and unsafe to trade in, and that cryptocurrency is not a store of value because it is volatile in value. He closed his first argument stating that crypto investors are at risk trading in this costly and fraudulent system.
Striking a staunch defense, Buterin argued that some improvement, which is coming, is all the crypto sphere needs in order to attain the reputable position of a financial system. He explained that this can be achieved when more and more people embrace the tech rather than refrain from it.
Dr. Doom took the platform once more to talk about the inherent anonymity of cryptocurrency. He argued that only criminals and tax evaders prefer anonymity, and that the crypto sphere should never play the role of Swiss bank to future generation. Buterin then argued that the government tends to interfere with the bank payment system and business management, and that cryptocurrency is just a way out of this dilemma.
Lastly, professor Roubini touched on the current issue of scalability, decentralization, and safety. He argued that cryptos are not scalable and that centralization is indispensable if scalability is the goal. To this, Buterin answered that an advance in science is all they need to make cryptos scalable while maintaining their decentralized nature.
It is worth noting that Roubini is probably one of the strongest anti-crypto voices out there. Just a few months ago he gave a scathing testimony against crypto in front of the U.S. Senate, while also referring to Buterin himself as a “dictator for life.”